How Binance Joined Thai Law Enforcement To Take Down Crypto Scam Scheme

Crypto exchange Binance was the prime assistant in an official investigation by Thailand’s law enforcement agency. The crypto trading venue often boasts about its cooperation with international regulators and law enforcement bodies and this time, it claimed to have taken a critical role in shutting down a crypto scam network.

Binance Joins Forces With Royal Thai Police, Here Are The Details

According to an official post, Binance worked with the Royal Thai Police in an investigation that led to the arrest of several suspects behind fraudulent activities. The Thai agency approached the crypto trading venue to aid the investigation and seize the assets linked to the scheme.

The investigation was assisted by Binance, the Cyber Crime Investigation Bureau (CCIB), and the US Homeland Security Investigation (HIS). The law enforcement agencies and the crypto exchange stopped the “Pig butchering scam” allegedly impacting “thousands of people in Thailand.”

Due to the crypto exchange’s investigation, the official post claims that the Royal Thai Police and the CCIB managed to arrest five members linked to this fraudulent network. They seized around $300 million in digital assets, luxury items, and properties.

Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau, Colonel Thanatus Kangruambutr, said:

We appreciate Binance’s significant contribution to the disruption of this criminal group. The rise of crypto scams in recent years has resulted in financial damage of hundreds of millions in Thailand. Yet, through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it.

Further details on the investigation state that the suspects lured “novice investors” to have them deposit assets into investment platforms. Later, the suspects allegedly provided their victims with false information regarding fictitious profits to trick their victims into supplying more money.

When the victims had a substantial amount, the suspect disappeared, depraving their victims of the initial and any subsequent “investments.” The suspects operated from over 30 places in Bangkok, Udon Thani, and other provinces in Thailand.

The post also claims that the crypto exchange sent an official investigator to help the Royal Thai Police in the investigation. In addition to the items mentioned above, the law enforcement agencies confiscated over 16 luxury residences, 12 luxury vehicles, and $440,000 in cash.

The crypto exchange’s participation in the investigation led the Thailand law enforcement agencies to award it with a “commemorative plaque” for their support. Colonel Panuphat Kittiphan with the Technology Crime Suppression Division added:

We are pleased with the assistance provided by Binance. Their investigations team promptly supplied the necessary information, enabling us to develop the case profile and secure an arrest warrant, and sent an investigator to Thailand to participate in witness interviews.

As of this writing, the price of Binance’s BNB trades at $214, with a 2% loss in the last 24 hours.

Cover image from Unsplash, chart from Tradingview